Housing market in October bounces back

Data from the RICS latest to suggest return of buyers in the last month

The housing market rebounded in October according to the latest data from the RICS, with 8% more surveyors reporting a rise in sales than a fall.

The RICS’s monthly housing survey found that the number of sales per surveyor rose to 15 over the last three months, the highest figure since April, while the balance of surveyors reporting an increase in new buyer enquiries also rose, to +7% from +4%..

The only weakening data from the survey was on house prices – with 24% more surveyors reporting price falls than increases, up from 23% last month.

Nevertheless, the data is the latest to indicate a stronger housing market in October following market falls in September, and follows figures from the Halifax yesterday which said prices rose 1.2% in the month

RICS housing spokesperson, Ian Perry, said the figures were “encouraging.” He said: “However, with the chaotic events in the euro area threatening to spillover to the UK and banks still imposing tough conditions on loans to first time buyers, any recovery in sales is still likely to be relatively modest. This will inevitably leave many people who would like to own a home unable to access the market.”